I'm not finding the answer to my questions on the web, because my situation is unusual: I had a baby when I was 52!
I'm 55 years old and have a 3-year-old daughter. Her mother and I are getting divorced and I may end up being the typical non-custodial dad paying child support. I understand that I can be on the hook for child support until the child is 23 -- when I'll be 75.
I'd like to retire at 66. I've learned that, at that time, my daughter will receive payments of 50% of my Social Security benefit, without reducing my Social Security checks. That should be about $800/month for her, ages 14-18. The $800 is about two-thirds of what I would be ordered to pay under the usual calculation.
If I retire at 66, is that grounds for modification of the child support order? Will the court reduce my obligation since my income will fall significantly? Can I be required to pay for college, even though I'll be 70 when she starts college? I've read that Social Security payments to my daughter will be from ME so I only have to make up the difference, at most. True?
I'm interested in funding my daughter's college expenses. I don't trust my wife to spend the money on our daughter, though. Can I put it in a trust, with me retaining control, and control going to a friend (not the mother) if I die before she goes to college?
My wife makes a little more money than I do. She doesn't need my money but I would guess that she wants it. What would you suggest as a means to prevent her from going the usual route of claiming primary custody and demanding child support? I'm thinking of offering MORE than she would get under a child support order -- so there's no order that needs modification when I retire.
Appreciate the advice. - Gerome